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Tech-focused private equity firm Vista Equity Partners has agreed to sell a passive equity stake in itself to Dyal Capital Partners, a unit of Neuberger Berman that specializes in such transactions, Axios has learned from multiple sources.

  • This would be Dyal's second deal with Vista, following a mid-2015 transaction that valued Vista at around $4.3 billion. The new deal values Vista in the ballpark of $7 billion.
  • Dyal approached Vista about the new deal, after deciding the the earlier transaction included so much co-investment from Vista LPs that Dyal had become underweight. But expect Dyal to also syndicate this new transaction, given that it's said to be for around a 10% position (the group's latest fund closed in February on $3.7 billion).
  • Following the deal, Vista's Robert Smith remains the firm's primary owner with ultimate control rights. No comment from Smith or Vista, natch.
  • We're beginning to hear some LP gripes about these management company stake sales, particularly in situations where the proceeds go toward senior partner liquidity instead of being reinvested into the business. The big concern is that such deals could disincentivize younger partners, who now see less future upside while their share of current fees and carry remains static.

Go deeper

USAID chief tests positive for coronavirus

An Air Force cargo jet delivers USAID supplies to Russia earlier this year. Photo: Mikhail Metzel/TASS via Getty Images

The acting administrator of the United States Agency for International Development informed senior staff Wednesday he has tested positive for coronavirus, two sources familiar with the call tell Axios.

Why it matters: John Barsa, who staffers say rarely wears a mask in their office, is the latest in a series of senior administration officials to contract the virus. His positive diagnosis comes amid broader turmoil at the agency following the election.

Bryan Walsh, author of Future
3 hours ago - Health

COVID-19 shows a bright future for vaccines

Illustration: Annelise Capossela/Axios

Promising results from COVID-19 vaccine trials offer hope not just that the pandemic could be ended sooner than expected, but that medicine itself may have a powerful new weapon.

Why it matters: Vaccines are, in the words of one expert, "the single most life-saving innovation ever," but progress had slowed in recent years. New gene-based technology that sped the arrival of the COVID vaccine will boost the overall field, and could even extend to mass killers like cancer.

5 hours ago - Health

Beware a Thanksgiving mirage

Illustration: Sarah Grillo/Axios

Don't be surprised if COVID metrics plunge over the next few days, only to spike next week.

Why it matters: The COVID Tracking Project warns of a "double-weekend pattern" on Thanksgiving — where the usual weekend backlog of data is tacked on to a holiday.